Magic Eden, a Solana-based NFT marketplace, announced it will gradually exit its Ethereum Virtual Machine (EVM) and Bitcoin NFT businesses, fully redirecting resources toward its online casino and sports betting platform Dicey. Founder and CEO Jack Lu revealed that during the two-month closed beta, about 200 users wagered over $15 million.
Strategic Shift: Business Restructuring Under the 80/20 Rule
Magic Eden’s transformation was not a hasty decision but based on a business analysis of cost-benefit imbalance. Jack Lu announced the following timeline for the shutdown:
Complete Timeline for Magic Eden’s Business Adjustment
March 9: Stop supporting EVM and Bitcoin Runes and Ordinals markets
March 27: Cease support for Bitcoin API
April 1: Discontinue support for crypto wallet services
Immediate: Terminate NFT buyback program
Remaining Business: Solana NFT marketplace and “NFT Packs” (bundled random NFTs of various collectibles, similar to physical trading card packs)
Jack Lu candidly stated: “By gradually shutting down these products, we will refocus on Solana’s original mission, retain the most profitable products, heavily invest in crypto entertainment, and prepare for long-term growth.”
The overall downturn in the NFT market also accelerated this decision. Competitor Nifty Gateway announced closure in January, and over the past few months, the entire NFT sector has been severely impacted by the broader crypto market downturn. Magic Eden’s adjustments reflect the industry’s widespread difficulties.
Dicey’s Gambling Ambitions: Full Focus on the iGaming Sector
Dicey plans to offer on-chain casino services and launch sports betting similar to blockchain gambling sites like Stake, positioning itself as an iGaming platform with native crypto attributes. Jack Lu said, “It’s clear we are entering a new era where finance and entertainment merge.” He pointed out that the iGaming sector presents “huge opportunities,” and Magic Eden aims to seize an early lead in this new market.
The two-month closed beta of Dicey provided confidence for this shift—around 200 users wagered over $15 million, demonstrating significant early demand.
Industry observers see this transformation as Magic Eden shifting from one of the leading NFT marketplaces to an emerging player in iGaming. Whether it can replicate its brand value in the more regulated and competitive online gambling space remains a core challenge for Dicey.
Frequently Asked Questions
Why is Magic Eden shutting down the EVM and Bitcoin NFT markets?
CEO Jack Lu explained that 80% of operating costs are associated with products that contribute only 20% of revenue. The severe cost-benefit imbalance prompted the company to concentrate resources on the most profitable areas. Coupled with the overall NFT market downturn and the closure of several competing platforms, this decision was further reinforced.
What is Dicey, and why is Magic Eden betting on gambling?
Dicey is Magic Eden’s on-chain casino and sports betting platform, similar to blockchain gambling sites like Stake. The company sees huge opportunities in the iGaming sector, and the early beta—where about 200 users wagered over $15 million—validated early market demand, prompting a major resource shift toward this sector.
Is Magic Eden completely exiting the NFT business?
Not entirely. The company is significantly downsizing. It is ending EVM and Bitcoin-related NFT operations but retaining the Solana NFT marketplace and shifting toward “NFT Packs”—bundled random NFTs of various collectibles, similar to physical trading card packs.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ondo Gains After Franklin Templeton ETF Tokenization Deal
Key Insights
Ondo gained eight percent after partnering with Franklin Templeton, boosting visibility and signaling deeper integration between traditional finance and blockchain-based investment products globally.
Tokenized ETFs will enable round-the-clock trading through crypto wallets,
CryptoNewsLand57m ago
Tether Taps KPMG for First Full USDT Audit Push
Tether has engaged KPMG for its first full audit of USDT reserves, moving beyond current attestations amid regulatory scrutiny and preparing for U.S. expansion. This aims to enhance transparency and confidence in its financial practices.
CryptoFrontNews1h ago
Toobit Rolls Out AI Agent Trade Kit, Bridging AI Conversations with Market Actions
The award-winning international cryptocurrency exchange, Toobit, today announces the release of its brand-new feature set, the AI Agent Trade Kit. This is an open-source framework that allows traders to link large language models (LLMs) directly to the exchange. The goal is to turn simple
CryptoPotato1h ago
Ripple CTO Emeritus Debunks XRP Escrow Claims - U.Today
Ripple's CTO emeritus clarified misconceptions about XRP escrow, emphasizing its automated nature and debunking claims of insider information. Meanwhile, the crypto industry is at a pivotal moment, with traditional finance increasingly adopting blockchain technologies.
UToday2h ago
Kalshi secures license to offer margin trading to institutional investors
Kalshi has received approval for margin trading, aiming to attract institutional investors. The license enables it to act as a futures commission merchant, pending CFTC approval. This shift could enhance trading potential in prediction markets, facing competition and regulatory challenges.
CoinDesk2h ago
Brad Garlinghouse: Improving XRP Has Become Ripple’s North Star
Speaking to Fox Business at a recent conference in Miami, Ripple’s CEO praised the company’s progress over the past year, especially some of the high-end acquisitions, such as Hidden Road.
He also spoke about the growing role of stablecoins in the overall crypto industry, indicating that legacy
CryptoPotato2h ago
